Wherever CLOUD data goes, the CLOUD SECURITY follows
Traditionally the on-site setup of the security software resulted in the high cost of ownership including hardware, power, space and management...
What did we learn from the year 2014?
The Year 2014 was coined as ‘Year of Breach' by Analysts which witnessed incessant data breaches resulting in huge losses. It turned out to be a nightmare for many of the Multi-National companies as well as Federal agencies which thought that cloud technology is the future and has moved their sensitive data into the cloud. The attacks targeted all the industries big and small, with over 43% of companies globally, reporting breach of their valuable data.
Who were the major victims?
HomeDepot has suffered a major breach in the month of September, 2014 with 56 million credit card numbers and 53 million email addresses of customers stolen by hackers. A social networking giant, Twitter's sensitive data was hacked from Google Apps by gaining illegal access to company's official email account. The technology giant Google suffered the attack when a Reddit user has posted a database link containing 5 million Gmail usernames and passwords.In the month of October, the hackers were successful in compromising 76 million accounts of JP Morgan which lacked two-factor authentication on its servers. The breach list being multifarious with other major attacks reported by Target which impacted sensible credit card data of 76 million customers, Sony Entertainment's breach that became a national security issue, Dairy Queen's 395 breached accounts, LinkedIn's 6.5 million hacked accounts, celebrity Jennifer Lawrence pictures stolen from Apple iCloud and so on. When private sectors were realizing the impact of incidents, even the Federal agencies were tampered including the White House, GAO, GPO, Healthcare.gov, Energy Department and Nuclear Regulatory Commission.
So what difference does it make?
In the case of American Retail company Target alone, the loss incurred for re-issuing new credit cards to customers was estimated to be $200 million and upgrading the POS terminal to support chip based multiple authentication was estimated to be another $100 million. Adding to that the departure of the CEO for taking responsibility of the security breach, costed the company $55 million on serving his executive benefits. Its high time to think about the overall monetary loss occurred due to the security breaches till date. The attacked companies not only lose their money but also are concerned in time taken to bounce back and loyalty of their client. The vast majority of data loses is due to IT security failures and lack of effective policy regulations for the cloud data.
It's time to think about CLOUD SECURITY!!
Traditionally the on-site setup of the security software resulted in the high cost of ownership including hardware, power, space and management. The Cloud Security Software evades these expenses as the cloud vendors are responsible for the maintenance, implementation, upgrades and backup by limiting the interference of IT personnel. The mutual agreement between cloud service providers and security solution providers is one key trend upcoming in the market.
Only Numbers can talk about CLOUD SECURITY market!!
The Global Cloud Security Software market is expected to reach $11.3 billion by 2019 which is growing at a Compounded Annual Growth Rate of 39.35% over six year forecast period.
The majority of the workloads starting with the year 2015 will be on the cloud, with 53 percent processed in the cloud versus 47 percent in traditional IT space. The cloud security varies according to the type of software such as Cloud Identity and Access Management (IAM) software, Cloud Intrusion Prevention System (IPS), Cloud Email Security Software, Cloud Encryption Software, Cloud Network Security Software and Cloud Database Security Software. The Cloud IAM and Cloud Encryption software together accounts for 40% of the Cloud Security Software market.
As the market matures, cloud security is expected to become an integral part of cloud services, which will encourage cloud service providers to partner with security solution providers to provide security software and maintain their competitiveness.
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